Our markets started off strong last night, but similar to yesterday’s day trade, they gave back most of the gains as the evening wore on. There really isn’t much for fresh news out there this morning; the only excitement seems to be happening in wheat which is up double digits as I type this. Yesterday was the first day of the “Wheat Quality Council Tour” and as they were rolling through southern and east-central North Dakota they are calling wheat yields 29.5 bpa which is roughly 30% below the average yield of 43.3 bpa. Not good.
Looking at weather, the worst of it appears like it will be behind us soon as the 6–10-day maps are showing a welcomed break in the heat while the 8–14-day forecast returns to more normal precipitation. Maps below. The weather story as it’s related to corn seems to be fading from the headlines while soybean weather stories will start to pick up soon as the calendar rolls to August. Stay tuned.
Without any fireworks in the weather maps (at least for now), the trading range that we’ve been in for a while appears to be narrowing. If you are someone who likes to watch charts, you’ve seen this before where the trading range gets wound tight like a spring and someday when we do move out of it, it could be a big breakout move- one way or the other, up or down.
Corn is steady to 2 cents higher
Soybeans are 5 to 7 cents higher